• by Kaanchi Chawla

Navigating the Pharma Horizon: Where Data, Innovation, and Tech Converge

The pharmaceutical industry stands on the threshold of a new era, one defined by the convergence of data, innovation, and technology. As the 5th Elets Pharma Leadership Summit and Awards approach, the anticipation grows palpable. Scheduled for October 5th, 2023, at Holiday Inn, Mumbai, this summit promises to be a premier event, bringing together industry pioneers, thought leaders and visionaries to explore the transformative potential of these three pillars.

Unveiling the Titans of Innovation

Our distinguished speakers will grace the event with their invaluable insights. Manish Kishore, the Global Head of IT at Wockhardt Ltd, will set the stage with his expertise. With a track record of driving IT innovation in the pharmaceutical landscape, Kishore's address is eagerly awaited. Joining him is Bijender Mishra, the Global IT Head & Global CISO of Alkem Laboratories. His perspective on merging innovation with cybersecurity in pharma tech promises to be enlightening. Sanchit Nanda, Senior Director at Global Patient Solutions, Gilead Sciences, will shed light on how data can be harnessed to enhance patient care. As these luminaries share their experiences and visions, a tapestry of possibilities will unfold.

Pharmaceutical Industry Market Trends: Data in the Spotlight

In the ever-evolving world of pharmaceuticals, data has emerged as a guiding star, illuminating the path to discovery and progress. The global pharmaceutical market is projected to reach new heights by 2027, with an estimated value of over $1.9 trillion as per reports from IQVIA Institute. This meteoric rise is propelled by factors such as the increasing prevalence of chronic diseases, a growing geriatric population, and heightened healthcare awareness.

This growth has been further fueled by the incorporation of technology. Improved treatment outcomes are the result of the implementation of electronic health records (EHRs) and telemedicine systems, which have improved patient care and data administration. Global Market Insights reports that new study indicates that the worldwide telemedicine market is anticipated to reach $175.5 billion by 2026, demonstrating the critical role that technology will play in determining the direction of the sector.

Data-Driven Insights: Revolutionising Research and Development

The power of data-driven insights is nothing new to the pharmaceutical industry. The use of data analytics is revolutionising every aspect of the industry, from drugs research to clinical trials. Researchers can more accurately discover prospective drug candidates by utilising large databases, greatly accelerating the drug development process. According to McKinsey & Company, the top 20 pharmaceutical companies spend over $60 billion annually on drug development, and the estimated average cost of getting a medicine to market (including drug failures) is currently $2.6 billion—an increase of 140 per cent over the previous ten years.

Innovation as the Bridge to Patient-Centric Solutions

Innovation and data work together to create patient-centric solutions that were previously unthinkable. The paradigm of medicine has changed from universal therapies to customised interventions via genetic testing and predictive analytics. This not only enhances patient results but also lowers side effects and medical expenses.

Looking Ahead: The Summit's Promise

As the countdown to the 5th Elets Pharma Leadership Summit and Awards begins, the anticipation is palpable. With industry stalwarts like Manish Kishore, Bijender Mishra, and Sanchit Nanda leading the discourse, the summit promises to be a crucible of transformative ideas. The convergence of data, innovation, and technology is reshaping the pharmaceutical landscape, paving the way for a healthier, more connected future. As attendees gather in Mumbai on October 5th, 2023, they stand witness to the dawn of a new era in pharma - one defined by boundless possibilities and the unwavering commitment to improving global healthcare through the power of data, innovation, and technology.